UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
TTM TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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WASHINGTON |
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91-1033443 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
2630 South Harbor Boulevard, Santa Ana, California 92704
(Address of principal executive offices)
(714) 327-3000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes ý No o
Number of shares of common stock, no par value, of registrant outstanding at May 11, 2005: 41,256,643
TABLE OF CONTENTS
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PART I: FINANCIAL INFORMATION |
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Item 1. |
Financial Statements |
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Consolidated Condensed Balance Sheets As of December 31, 2004 and April 4, 2005 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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PART II: OTHER INFORMATION |
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SIGNATURES |
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2
TTM
TECHNOLOGIES, INC.
Consolidated
Condensed Balance Sheets
As of December 31, 2004 and April 4,
2005
(unaudited)
(In thousands)
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December 31, |
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April 4, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
43,188 |
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$ |
57,308 |
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Short-term investments |
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15,350 |
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4,574 |
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Accounts receivable, net of allowances of $4,018 and $3,876, respectively |
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35,778 |
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36,004 |
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Inventories, net |
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8,993 |
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9,959 |
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Prepaid expenses and other |
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1,048 |
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1,260 |
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Income taxes receivable |
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157 |
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157 |
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Deferred income taxes |
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1,820 |
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1,820 |
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Total current assets |
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106,334 |
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111,082 |
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Property, plant and equipment: |
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Property, plant and equipment, at cost |
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92,841 |
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95,650 |
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Less: accumulated depreciation |
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(40,667 |
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(42,817 |
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Property, plant and equipment, net |
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52,174 |
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52,833 |
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Other assets: |
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Debt issuance costs, net of accumulated amortization of $402 and $415 respectively |
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39 |
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26 |
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Deferred income taxes |
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1,051 |
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— |
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Goodwill |
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63,153 |
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63,153 |
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Definite-lived intangibles, net of accumulated amortization of $6,743 and $7,073, respectively |
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11,636 |
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11,306 |
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Deposits and other |
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1,383 |
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1,280 |
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Total other assets |
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77,262 |
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75,765 |
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$ |
235,770 |
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$ |
239,680 |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
9,530 |
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$ |
10,262 |
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Accrued salaries, wages and benefits |
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11,629 |
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8,629 |
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Other accrued expenses |
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1,189 |
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1,327 |
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Income taxes payable |
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160 |
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1,022 |
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Current portion other long-term liabilities |
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1,181 |
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1,385 |
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Total current liabilities |
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23,689 |
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22,625 |
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Other long-term liabilities, less current portion |
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455 |
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— |
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Shareholders’ equity: |
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Common stock, no par value; 100,000 shares authorized, 41,014 and 41,209 shares issued and outstanding, respectively |
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158,190 |
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159,159 |
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Retained earnings |
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53,436 |
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57,896 |
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Total shareholders’ equity |
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211,626 |
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217,055 |
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$ |
235,770 |
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$ |
239,680 |
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See accompanying notes to consolidated condensed financial statements.
3
TTM TECHNOLOGIES, INC.
Consolidated Condensed Statements of Operations
For the Quarter Ended March 29, 2004 and April 4,
2005
(unaudited)
(In thousands, except per share data)
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Quarter Ended |
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March 29, 2004 |
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April 4, 2005 |
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Net sales |
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$ |
57,696 |
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$ |
58,883 |
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Cost of goods sold |
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40,416 |
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45,345 |
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Gross profit |
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17,280 |
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13,538 |
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Operating expenses: |
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Selling and marketing |
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3,041 |
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3,017 |
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General and administrative |
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3,508 |
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3,404 |
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Amortization of definite-lived intangibles |
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300 |
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300 |
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Total operating expenses |
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6,849 |
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6,721 |
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Operating income |
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10,431 |
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6,817 |
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Other income (expense): |
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Interest expense |
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(120 |
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(51 |
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Amortization of debt issuance costs |
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(27 |
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(13 |
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Interest income and other, net |
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92 |
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384 |
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Total other income (expense), net |
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(55 |
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320 |
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Income before income taxes |
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10,376 |
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7,137 |
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Income tax provision |
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(3,850 |
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(2,677 |
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Net income |
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$ |
6,526 |
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$ |
4,460 |
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